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Emergency central bank funding to Greek banks drops by 1.3 bln eur in September
October 13, 2016 / 2:32 PM / a year ago

Emergency central bank funding to Greek banks drops by 1.3 bln eur in September

ATHENS, Oct 13 (Reuters) - Emergency central bank funding to Greek lenders fell by 2.6 percent, or 1.3 billion euros ($1.46 billion) in September compared to the previous month, Bank of Greece data showed on Thursday.

Banks have relied on emergency liquidity assistance (ELA) drawn from the Greek central bank since February last year after being cut off from the ECB’s funding window due to stalled bailout talks between the government and its official lenders.

Their dependence on the ELA emergency lifeline has declined since late June when the European Central Bank reinstated banks’ access to its cheap funding operations.

Emergency funding, which is more costly than borrowing from the European Central Bank, dropped to 47.6 billion euros ($53.32 billion) at the end of September from 48.9 billion euros at the end of August, the data showed.

Last week the European Central Bank lowered the cap on ELA liquidity Greek banks draw from the Bank of Greece by 100 million euros to 51.8 billion euros. The ceiling will be reviewed on October 20. ($1 = 0.8928 euros) (Reporting by George Georgiopoulos)

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